Desert Apartment Complex Fetches $34 Million

A 380-unit apartment property located outside of Phoenix has sold for $34 million. Baron Properties LLC of Greenwood Village, Colo. bought the Alegria apartment complex from San Francisco-based investor Hamilton Zanze & Co. The average price per unit on the sale was roughly $89,473, according to the seller’s agent Colliers International.

“Alegria represented an excellent value-added opportunity in a desirable core infill location which has seen very limited new apartment construction since 2000,” says Cindy Cooke of Colliers’ multi-family division.

The property was built in 1986. With 13.1 acres of land, the complex consists of 16 garden-style apartments ranging from 528 sq. ft. to 968 sq. ft. Occupancy at the time of the sale was roughly 92%, reports Colliers. The new owner, Baron Properties, plans to spend roughly $2.7 million on interior and exterior renovations.